KTOS vs SPY: Correlation
How closely do Kratos Defense & Security Solutions, Inc. (KTOS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KTOS and SPY?
On 3 years of weekly data the KTOS/SPY correlation comes out at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 337.6 %².
Among the 21 assets we track against KTOS, SPY ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 41.6 points (-21.0% versus +20.6%). One caveat on sizing: KTOS is 4.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
KTOS vs SPY: side by side
| KTOS (Kratos Defense & Security Solutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.0% | +20.6% |
| 5-year return | +117.5% | +82.4% |
| Volatility (ann.) | 59.9% | 14.5% |
| Beta vs S&P 500 | 1.62 | 1.00 |
| Max drawdown (3Y) | -66.4% | -18.8% |
| Market cap | $10.1B | – |
| P/E (trailing) | 315.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | KTOS | SPY |
|---|---|---|
| 2022 | -46.8% | -18.2% |
| 2023 | +96.6% | +26.2% |
| 2024 | +30.0% | +24.9% |
| 2025 | +187.8% | +17.7% |
| 2026 | -29.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KTOS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KTOS and SPY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.43 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for KTOS?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: KTOS correlations · SPY correlations
